Cisco Systems sets age limit for board members

MichaelBaron

NEW YORK (MarketWatch) -- Cisco Systems
CSCO, +0.00%
said Friday its board has set a mandatory age limit for directors, meaning no individual will be eligble to be nominated or re-nominated to the board after his or her 70th birthday. The San Jose, Calif., networking equipment giant said that, in the case of John Morgridge, its current chairman who is 71 years old, the policy will take effect for nominations for the 2006 annual meeting scheduled for November of that year. Due to the new policy, Vice Chairman Donald Valentine and board member James Gibbons will not be eligible for renomination at the 2005 annual meeting in November. The company expects board membership to be reduced to 11 from 13. The stock closed Thursday at $19.94, down 3 cents.

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